Peyush Bansal reveals that the clothing brand hasn't returned his invested money yet and has come to the show as a pitcher, here's what happened next!
In the most recent episode of Shark Tank India Season 3, Flipkart founder and one of the Sharks on the panel, Peyush Bansal, made a shocking revelation as the sharks got ready for a day of pitches: he had invested in Turms, a clothing firm whose owner, Surender Singh Rajpurohit, was about to give a pitch.
Bansal's investment was openly acknowledged by Rajpurohit, the pitcher who stands for smart clothing with attributes. The owner of the brand then gave the sharks an explanation for the hold-up in getting the money back, which they thought made sense. Not only did he wow the sharks, he managed to close a deal with one of them.
Bansal was heard saying to the other sharks, "Yaha paise doobe hue hain iss company mein, mere aaj tak paise nahi diye," (My money has been wasted at this company; as of right now, I have not received any payment) before the brand owner taking the stage. "Tune kapda suna, technology suna, kapde mein technology," remarked Anupam Mittal in jest. Peyush responded, "Let them come." Bansal said in a pitch and product demonstration, “Main bhi aise he phasa tha. Arey maine bhi aise hi demo dekha tha yaar, purane din yaad agaye." (I experienced a similar dilemma as well. Such demonstrations have also brought back memories for me.
Following listening to the whole pitch from the owner of Turms, Peyush Bansal clarified, saying that they have been following up to sell the shares in their company so that they may register the losses for over two years. Because no one is ready to purchase the shares, even for Rs 2, the current situation is so bad that they are unable to even book the losses. "There is no transparency, but we haven’t received anything. We are willing to accept not getting anything, but we want to be able to book the losses so that we can write it off,” Bansal added.
The pitcher on Shark Tank India 3 took an unexpected turn when he announced that the ownership of the Turms brand had changed, even though he had acknowledged Peyush Bansal's investment. The present owner paid a significant amount of money to the previous owners to purchase the smart apparel brand. Vineeta Singh and Aman Gupta commended the pitcher for being transparent following this disclosure. The atmosphere brightened when the pitcher said that cricket great MS Dhoni is a devoted client and is frequently seen donning their clothing.
Eventually, Anupam Mittal and Aman Gupta extended offers, but the pitcher ultimately chose Azhar Iqubal’s deal, of Rs 1.2 Crore for 4% equity.
Since this is the first time a pitcher has already participated in a Sharks investment, this event took a dramatic turn. Furthermore, even though there was a payment delay and the pitcher had a negative experience with Bansal, he was transparent in his explanation of the reasons for the payment delay, which helped him secure the investment. This episode also shows how companies can go in unanticipated and surprising directions.